Small Business Reorganization Act of 2019

The new legislation could make filing Chapter 11 Bankruptcy appealing to small businesses By: Jamie L. Harris Filing for chapter 11 bankruptcy relief should be easier for small businesses by February 2020 when the Small Business Reorganization Act of 2019 becomes effective. The legislation which President Trump signed back in

Read More

My Business is in Financial Trouble: Now What?

By: Laura Day DelCotto I recently attended a national panel presentation involving a workout consultant, a banker and an attorney.  Yes, it sounds like the start of a joke, but this group discussion was spot-on as to what “restructuring professionals” see on a day to day basis. Some take-away thoughts:

Read More

Credit Matters After Bankruptcy

The Fair Credit Reporting Act: Damages for Inaccurate Reporting After Bankruptcy By: Michael J. Gartland Every person who has ever been extended credit should obtain a free, annual credit report. These could be obtained from the three consumer reporting agencies (TransUnion, Equifax and Experian). They should check to see if

Read More

Forcing Someone into Bankruptcy: Who Wants to Go First?

By: Laura Day DelCotto The Bankruptcy Code clearly permits creditors to initiate an involuntary bankruptcy filing, and the Official Forms contain the simple paperwork to start the process.  11 U.S.C. §303.  However, the risks of being accused by the putative debtor of a “bad faith” filing are probably better than

Read More

Marriage and Small Business Debt

By: Dean A. Langdon Marriage involves sharing risks and rewards with a spouse. Entrepreneurial couples may establish a business together, or one spouse may establish a business and exclude their spouse due to the risk of economic loss.  After all, between 20-50% of small businesses fail within the first 5

Read More

Creditor Tips for Chapter 7 Bankruptcy

By: Jamie L. Harris If you receive notice that a customer or client has filed for Chapter 7 bankruptcy relief, there are certain things you need to know about the bankruptcy process.  First, you should cease any pre-petition collection efforts.  The automatic stay afforded by the bankruptcy filing stays any

Read More